Rights Issue Rump Placement -

RNS Number : 5538N

National Grid PLC

14 June 2010

 



THIS DOCUMENT IS NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, HONG KONG, INDIA, JAPAN, THE PEOPLE'S REPUBLIC OF CHINA, THE REPUBLIC OF SOUTH AFRICA OR SWITZERLAND.

14 June 2010

National Grid plc

Placement of the Rights Issue Rump

Following the announcement earlier today that National Grid had received valid acceptances in respect of 932,648,512 New Shares, representing approximately 94.2% of the total number of New Shares offered to Qualifying Shareholders pursuant to the 2 for 5 Rights Issue announced by National Grid on 20 May 2010, National Grid now announces that, in accordance with the arrangements set out in Part III of the Rights Issue prospectus dated 25 May 2010 (the "Prospectus"), Morgan Stanley Securities Limited, BofA Merrill Lynch and Deutsche Bank AG, London Branch, acting as joint bookrunners have today procured subscribers for the remaining 57,790,505 New Shares at a price of 500 pence per New Share.

The net proceeds from the issue of these New Shares, after the deduction of the Issue Price of 335 pence per New Share and expenses of procuring subscribers (including any applicable brokerage fees and commissions and amounts in respect of value added tax), will be paid (without interest) to those persons entitled thereto (as set out in Part III of the Prospectus), pro rata to their lapsed provisional allotments, save that amounts of less than £5.00 per holding will not be paid, but will be aggregated and retained for the benefit of National Grid.  As a result of the issue of these New Shares, neither the Underwriters nor the sub-underwriters will be required to subscribe for any New Shares.

Capitalised terms used, but not defined in this announcement shall have the same meanings as the Rights Issue UK announcement dated 20 May 2010, unless the context requires otherwise.

CONTACTS

National Grid:

Investors                                                                                                                                                                    

David Rees	[phone]	[phone] (m)
Neil Pullen	[phone]	[phone] (m)
George Laskaris	[phone]	[phone] (m)
Victoria Davies	[phone]	[phone] (m)
Andy Mead	[phone]	[phone] (m)
Iwan Hughes	[phone]	[phone] (m)

Media                                                                                                                                                                          

Clive Hawkins	[phone]	[phone] (m)
Gemma Stokes	[phone]	[phone](m)

Morgan Stanley (Lead Financial Advisor, Joint Sponsor, Joint Global Co-ordinator and Joint Bookrunner) Alastair Cochran Christopher Thiele	[phone]
BofA Merrill Lynch (Financial Advisor, Joint Global Co-ordinator and Joint Bookrunner) Richard Taylor Mark Astaire Oliver Holbourn (Head of EMEA Equity Syndicate)	[phone]
Deutsche Bank (Joint Sponsor, Joint Global Co-ordinator and Joint Bookrunner) James Agnew Alan Brown	[phone]
Brunswick Rebecca Shelley Tom Burns Tom Batchelar	[phone]
Capita Registrars Shareholder Helpline - UK Shareholder Helpline - outside UK	0871 664 9235 [phone]

IMPORTANT INFORMATION

This announcement has been prepared and issued by and is the sole responsibility of National Grid. This announcement does not constitute, or form part of an offer to sell, or the solicitation of an offer to subscribe for or buy, any Nil Paid Rights, Fully Paid Rights or New Shares.

This announcement is an advertisement. It is not a prospectus, disclosure document or offering document under the laws of England and Wales or any other law and does not purport to be complete. This announcement is not for distribution, directly or indirectly, in or into the United States, Hong Kong, India, Japan, the People's Republic of China, the Republic of South Africa, or Switzerland.

This announcement and the information contained herein do not contain or constitute an offer for sale or the solicitation of an offer to purchase securities in the United States, or any other jurisdiction. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act") and may not be offered sold, taken up, exercised, resold, renounced, transferred or delivered directly or indirectly within the United States absent registration or an exemption from the registration requirements of the Securities Act. There has not been and will not be any public offer of the securities in the United States.

This announcement and the information contained herein do not contain or constitute an offer for sale or the solicitation of an offer to purchase securities. No public offer of New Shares has been nor will be made in the United States, Hong Kong, India, Japan, The People's Republic of China, The Republic of South Africa, or Switzerland or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction, and no public offer of rights or shares has been nor will be made in such jurisdictions. The New Shares have not been and will not be registered under the securities laws of such jurisdictions and may not be offered, sold, taken up, exercised, resold, renounced, transferred or delivered, directly or indirectly, within such jurisdictions except pursuant to an exemption from and in compliance with any applicable securities laws.

The Joint Sponsors and the Underwriters, each of which is authorised and regulated in the United Kingdom by the FSA, are acting exclusively for National Grid and no one else in connection with the Rights Issue and will not regard any other person as their respective clients in relation to the Rights Issue and will not be responsible to anyone other than National Grid for providing the protections afforded to their respective clients or for providing advice in relation to the Rights Issue or any matters referred to in this announcement.

In connection with the Rights Issue, each of the Underwriters and any of their respective affiliates, acting as an investor for its own account, may take up New Shares in the Rights Issue and in that capacity may retain, purchase or sell for its own account such securities and any New Shares or related investments and may offer or sell such New Shares or other investments otherwise than in connection with the Rights Issue. Accordingly, references in the Prospectus to New Shares being offered or placed should be read as including any offering or placement of New Shares to any of the Underwriters or any of their respective affiliates acting in such capacity. None of the Underwriters intends to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligation to do so.

Apart from the responsibilities and liabilities, if any, which may be imposed on the Joint Sponsors by the FSMA, none of the Underwriters or Joint Sponsors or any of their respective directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for, nor makes any representation or warranty, express or implied, in respect of, the contents of this announcement, including its accuracy, completeness or verification or regarding the legality of an investment in the New Shares by an offeree or purchaser thereof under the laws applicable to such offeree or purchaser or for any other statement made or purported to be made by them, or on their behalf, in connection with the Company, the New Shares, and nothing in this announcement is, or shall be relied upon as, a promise or representation in this respect, whether as to the past or future. The Underwriters and the Joint Sponsors accordingly disclaim to the fullest extent permitted by law all and any responsibility and liability whether arising in tort, contract or otherwise which they might otherwise be found to have in respect of this announcement or any such statement.

Neither the content of National Grid's website nor any website accessible by hyperlinks on National Grid's website is incorporated in, or forms part of, this announcement.

 

END

 

 

ROIKKQDKKBKDBAD